Deutsche Bank’s asset management arm is planning to double the number of financial professionals it employs in London to 600 over the next five years.

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The hiring initiative is part of an expansion drive by London-based Michele Faissola, head of Deutsche Asset & Wealth Management, who, after his appointment in 2012, reversed a strategy which had favoured New York and Frankfurt for a decade.

“London’s crucial for our growth aspirations,” Faissola said. “There’s an almost unique concentration of financial industry talent in the city, especially to meet the needs of sophisticated ultra high net worth clients. “
DeAWM currently manages assets worth €55 billion in the London office out of its global €930 billion, according to Deutsche.

Faissola is keen on developing alternative investment strategies and advisory work to the super-rich, reckoning the two areas can achieve bottom-line growth of 25% a year.

Within alternatives, Faissola’s priority is real estate, which appeals to wealthy investors and institutions. As well as managing property worth €4.3 billion in the UK, plus loans, Deutsche is lead adviser to the £10 billion redevelopment of London’s Battersea Power Station (pictured) by Malaysian investors.

This is the first time since 2000 that Deutsche has sanctioned significant investment by its asset management business in London, following manager defections and political infighting.